Standing Up For Baltimore
In April of last year, our hometown of Baltimore faced profound challenges. We were saddened by these events, but we are proud to be headquartered here—and of the firm's long history of investing in our historic city.
In response, the firm's Corporate Social Responsibility team and the T. Rowe Price Foundation simultaneously began developing a multiyear strategy to identify new ways to positively impact the Baltimore community as a whole. Initial grants helped meet every day needs and provide services that had been disrupted, such as dispensing prescriptions to residents who relied on affected pharmacies.
Given the firm's strong commitment to education and youth development, the Foundation also immediately directed funds to Baltimore City summer youth programs focused on providing skill building and enrichment activities in a safe and positive environment for the youngest members of our community. Funding for intermediate- and longer-term opportunities led to the firm's sponsorship of a school uniform drive and construction of playground facilities.
The T. Rowe Price Foundation has approved $1.4 million to support rebuilding and educational enrichment initiatives through 2018. Foundation trustees continue to meet with community and city leaders—as well as international thought leaders on poverty and inequality, cities and unrest—to learn more about the role of philanthropy in addressing such needs, inform future planning, and maximize the impact of our community investments.
Looking to the Sun for Renewable Energy
T. Rowe Price is committed to operating in an environmentally sustainable manner wherever our associates work on behalf of our clients.
The installation of a solar energy system at our Owings Mills Corporate Campus in suburban Maryland this past fall is our latest advance in conducting business in ways that minimize our environmental impact. More than 7,000 photovoltaic panels installed atop parking structures adjacent to our offices represent one of the largest solar panel installations in the state. The installation also will reduce the firm's carbon footprint by the equivalent of taking 300 automobiles off the road for a year.
"People take pride in working for a firm that is environmentally conscious," says Brian Dean, head of Facilities Management. "Embracing solar power as an energy source helps us attract and retain individuals who share our values and commitment to sustainability."
Chief Financial Officer Ken Moreland adds, "As we continue to look at ways to reduce our carbon footprint, we'll evaluate—does it make good business sense and does it make good sense for the environment? If we can find the intersection of those initiatives as new technologies come to market, we'll be committed to implementing those at T. Rowe Price."